The average monthly rent went up 19% in June to $2,403 from $2,018 in June 2021, according to findings by Bullpen Research and Consulting and TorontoRentals.com.
The report says the demand for rentals in Toronto spiked during the post-vaccine pandemic period because of record immigration, an increase in foreign students, and a number of university and college graduates coming for work.Other problems such as supply chain disruptions have impacted the cost and availability of materials and GTA rents will continue to rise for the foreseeable future.
“The rise in borrowing costs has shifted demand from the ownership market to the rental market, which has impacted the luxury rental market with the 90th percentile rent climbing 21% annually, compared to 9% for the 10th percentile.”
reporterkevin So, house prices are too high, and now rentals are going to be higher per month, unaffordable for everyone. These BoC rate hikes did nothing to help anyone. Trudeau needs to do something!
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